T 2S - T he vie w fro m E uro c le ar Paul Symo ns He ad o f Public Affairs E uro c le arSA/ NV 2 Oc to be r 2007
E uro c le ar’ s vie w o f T 2S � We share the E CB’ s visio n o f an inte g rate d E uro pe an Capital Marke t – T his drive s o ur busine ss mo de l – Pro duc ing c lie nt saving s o f E uro s 300 mn a ye ar � E uro c le aris ne ithe r fo r, no r ag ainst, T 2S � We are c o nstruc tive …. � … but que stio ning … � … and sc e ptic al that T 2S c an de live r ag ainst the visio n – Be c ause that re quire s ‘ c o nso lidatio n’ to be ac c o mpanie d by ‘ harmo nisatio n’ and … – … c usto dy harmo nisatio n in partic ular
Can CSDs de c o mmissio n syste ms ? � T 2S is an additio nal, vo luntary, E uro pe an infrastruc ture … � … pre dic ate d o n the assumptio n that se ttle me nt syste ms c an de c o mmissio n syste ms � But de c o mmissio ning is no t a po lic y c ho ic e – Dic tate d by func tio nal, o pe ratio nal, and le g al issue s … – … and se rvic e le ve l c o nside ratio ns � CSDs still re spo nsible fo r asse t se rvic ing , c o llate ral, and no n- e uro se ttle me nt � I f CSDs c anno t de c o mmissio n, the c o sts o f T 2S are in additio n to tho se o f the CSDs
Ope n que stio ns? � L e g al issue s? – With who m do the CSDs c o ntrac t? – Nature o f the o utso urc ing ? – Will CSDs be in full c o ntro l o f the o utso urc ing as re g ulato rs de mand? � Go ve rnanc e I ssue s? – Will T 2S be run by the E uro syste m? � Dire c t Co nne c tivity to T 2S fo r use rs? – Do e s it make e c o no mic se nse ? – Co nne c tivity will also still be ne e de d to the CSD ! – Duplic ating infrastruc ture ? � Matc hing ? – Will it o c c ur in T 2S? – E CSDA has o ffe re d to de live r a matc hing so lutio n o utside T 2S
Pric ing � Hig hly public re fe re nc e s to po te ntial T 2S se ttle me nt c o st o f 29 E uro c e nts � But CSDs also pro vide o the r se rvic e s that e quate to aro und 40% o f e xisting se ttle me nt c o sts – Re c o nc iliatio n – T raining – He lp de sks – Ope ratio ns – Re po rting se rvic e s � T o tal e nd-to -e nd c o sts are the ke y � Ho w will T 2S ac tually affe c t yo ur c o sts and the se rvic e s yo u o ffe r to yo ur c lie nts?
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